What is a V2 API?

Could you elaborate on the concept of a V2 API? What improvements or new features does it offer over its predecessor, the V1 API? Is it more efficient, secure, or versatile? Are there any specific use cases or industries that benefit most from the adoption of a V2 API? Additionally, how does the implementation process differ, and what steps should developers take to ensure a smooth transition from V1 to V2? Understanding these aspects would help clarify the value proposition of a V2 API and its potential impact on various systems and applications.